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WorksheetsBusiness Ownership & Entrepreneurship - Final Review #5
Total questions: 22
Worksheet time: 8mins
Things that you own are referred to as your
liabilities
assets
equity
net worth
An attractive layout is probably most important for a(n)
on-site service business
warehouse
retail business
manufacturing business
Most businesses need all of the following types of supplies and equipment except
furniture
office supplies
heavy machinery
fixtures
For this type of business, inventory consists of the parts that will go into producing the business's product as well as its finished goods.
retail business
on-site service business
manufacturing business
all of these
What does debt-to-equity measure?
the difference between your assets and your liabilities
the relation between your startup costs and your net worth
the relation between the dollars you have borrowed and the dollars you have invested in your business
the difference between your equity and your liabilities
Loans that are backed by collateral are called
secured loans
unsecured loans
business loans
short-term loans
What is a line of credit?
money a bank invests in a business in return for a share in the profits
an agreement by a bank to lend up to a certain amount of money whenever the borrower needs it
a grant provided by the Dept of Housing and Urban Development to encourage business development in needy areas
a short-term loan offered to new entrepreneurs that must be repaid within a year
Which of the following financial statements best shows how much money you have available to pay your bills?
balance sheet
income statement
cash flow statement
pro forma financial statement
An income statement can help a business owner do all of the following except:
examine how sales, expenses, and income are changing over time
identify his/her equity in the business
analyze costs to determine areas that need to be cut back
forecast how well the business can expect to perform in the future
The difference between revenue and cost of goods sold is
gross profit
cost of goods sold
operating expenses
net income before taxes
Which of the following is an example of a current asset?
a warehouse
a mortgage
an accounts payable
inventory
Cash sales and cash payments received from customers on their credit accounts are recorded in the
purchases journal
cash receipts journal
subsidiary ledger
aging table
A list of people who receive salary or wage payments from a business is called a(n)
payroll
account
aging table
pension
A specific work activity an employee performs is called a
job
task
human resource
function
The chain of command shows
who has been working at the company the longest
the physical layout of a store or business
who reports to whom in the company
the salaries of all company employees
All of the following are resources an entrepreneur can use for recruiting except
in-store advertising
classified advertising
employment agencies
all of these can be used a recruiting resources
Students who work for little or no pay in order to gain experience in a particular field are called
interns
temporary employees
freelancers
contractors
A small business owner should do all of the following when interviewing potential employees except
explain the atmosphere in which the job applicant will work
avoid ruling out a job applicant until the interview is over
refuse to allow the job applicant to ask questions--you are the one doing the questioning
talk about the significance of working at a new business
An amount paid for a job position stated on an annual basis is called a
bonus
commission
wage
salary
This law was passed to promote the employment of people over the age of 40 based on their ability rather than their age.
Fair Labor Standards Act of 1938
Age Discrimination in Employment Act of 1967
Americans with Disabilities Act of 1990
Civil Rights Act of 1964
Which managers work directly with the employees who perform the day-to-day tasks of a business?
middle managers
top management
supervisors
all of these work with day-to-day employees
In this type of job training, employees receive regular feedback and instruction from their manager.
coaching
on-the-job training
shadowing
mentoring
